AWB Profits up 47%

MELBOURNE - May 22/02 - SNS -- AWB Limited recorded an after tax profit of A$77.1 million for the six months ending March 31, a 47% improvement over results during the same period last year.

The Board has declared a fully franked interim dividend of 14 cents per share to be distributed to shareholders on 5 July 2002 for shareholders registered as at 24 June 2002, which is the same distribution as the prior corresponding half-year. The Chairman also indicated that a higher final dividend will be paid compared with the 2001 full year.

"The strong increase in earnings is a strong indicator of the support of growers who took advantage of finance and risk management products leading up to the harvest," AWB Limited's Managing Director, Andrew Lindberg said.

"As part of AWB's ongoing effort to get closer to its customers and create further value for the company we will open up a new office in Geneva, Switzerland later this year to pursue growth opportunities that support our global asset management strategy," said Mr Lindberg.